27 August 2007
Mr. Expert, My client has sold his "Mahal" which was built approx.200 years ago for Rs.40 lack what will be the capital gain in the hand of a rular, and how to calculate.
29 August 2007
The Mahal being a capital asset will be liable to LTCG. The cost of acquisition shall be the actual cost if available or the Fair Market Value as certified by the Registered Valuer on 01/04/1981.
This value as on 01/04/1981 will be indexed as per section 48.
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